Daud Olatunji
Equity investors in Dangote Group’s listed companies have experienced significant gains, surpassing N1.2tn within the first two trading sessions of the week.
This surge in stock value is attributed to increased market interest following the initiation of production at the Dangote Petroleum Refinery.
The Dangote Petroleum Refinery announced the commencement of diesel and aviation fuel production on Friday, further amplifying investor enthusiasm.
Notable companies within the conglomerate, including Dangote Cement Plc, Dangote Sugar Refinery Plc, and NASCON Allied Industries Plc, have witnessed positive market trends.
In August, plans for a merger between Dangote Sugar Refinery, NASCON Allied Industries, and Dangote Rice Limited were disclosed, emphasizing the companies’ integration into a single entity.
The merger, governed by applicable regulations, involves an exchange of shares, ultimately consolidating the conglomerate’s strength.
As of Friday’s trading, Dangote Cement’s market cap reached N5.964tn, Dangote Sugar stood at N828.417bn, and NASCON at N158.966bn.
By Tuesday’s close, Dangote Cement’s capitalization surged to N7.018tn, Dangote Sugar’s to N988.755bn, and NASCON Allied to N189.434bn, resulting in a cumulative gain of N1.245tn for shareholders.
Dangote Sugar and NASCON Allied Industries both experienced a 10% increase in unit prices, closing at N81.40 and N71.50, respectively.
NASCON emerged as the most traded security in terms of value, with N2.57bn worth of units traded.
The successful listing of Dangote Refinery on the Nigerian Exchange Limited, projected by analysts, has significantly contributed to the positive market sentiment.
Dangote, describing the refinery’s production commencement as a “game changer,” expressed pride in the country’s ability to undertake substantial capital projects.
Billionaire businessman Femi Otedola commended Aliko Dangote, hailing the Dangote Refinery as the “8th Wonder of the World.”
Otedola emphasized the refinery’s role in championing energy security for Nigeria, foreseeing it as a catalyst for economic transformation and prosperity for current and future generations.
Aliko Dangote had earlier outlined plans to list the $20bn Dangote Petrochemical Refinery on the NGX, marking a pivotal development in the energy sector.
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